MilitiaMan Sunday PM "Ongoing Digital Transformation" 11-28-2021

KTFA:

MilitiaMan:  Parliamentary Finance in the previous parliament reveals a government insistence on the exchange rate and the duration of its stay

27th November, 2021

A member of the Parliamentary Finance Committee in theformer parliament, Sherwan Mirza, revealed on Saturday, the government's insistence on maintaining the current exchange rate of the dollar for another period.

Mirza said in an interview with "Mawazine News" that "there is a decision that accompanied the government's decision to change the dollar exchange rate for people with limited income, such as increasing salaries and inclusion of families with social care and increasing the vocabulary of the ration card, as well as supporting employees in accordance with the initiative of the Central Bank to purchase a plot of land or house or car.

He pointed out that "the government has not implemented any action or decision except to change the exchange rate," stressing that "keeping this price remains at least for another 3 years." 

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MilitiaMan:  I think I'll take this one with a grain of salt. The former parliament has not much weight or anything to say about current circumstances..

We all now there is a digital transformation that is on going in the world and that includes Iraq.

They even have multi currency cards in line for to better serve the locals and those they choose outside their borders.

For to have international relationships with currency in the digital world the Dinar will need to have it's REER (Real Effective Exchange Rate) in place imo..

That is not going to be three years from now. The CBI has not come this far for that.. Nope!!! ~ MM

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Ishtar Gate Company and Visa have launched their cooperation by launching the Visa Platinum prepaid card "Blue Platinum", with services considered the first of its kind in the Middle East and Africa, at Visa's headquarters for the Middle East and North Africa in Dubai.

  Ishtar Gate Company (Blue) is proud of being the first financial technology company (FinTech) in Iraq with its distinctive product, as it was able to provide a platinum card with new and unique services and make it accessible to all segments of Iraqi society as it simulates global financial progress and keeps pace with the aspirations of the Iraqi individual for a solid and advanced financial service that will enable him to It manages its financial accounts and payments electronically, and reduces its costs exceptionally, as the company was able, using modern technology, to make commissions for movements on sites free for users.

The cardholder will also enjoy the features of multi-currency, which will enable him to transfer currencies through the “Blue Cardholder” application at competitive prices, allowing him to use the card locally in the countries of those currencies, in addition to obtaining huge discounts provided by Visa International through its giant network of merchants around the world.This product represents the first cooperation with Visa International as a strategic partner in the Iraqi market.

 Mr. Ali Al-Saeed, founder and CEO of Ishtar Gate Company, said: “We are proud today to launch this product, which represents a quantum leap in the prepaid card markets in the region. Our focus is to meet and keep pace with the development in users' needs for payment cards using new technology, and for being the first FinTech company in Iraq; We bear a great responsibility and we must continue to develop in this field to raise Iraq's name high in international forums.

 Soon, two other unique products will be launched in the region, the first targeting small and medium businesses inside Iraq and the second providing job opportunities for the unemployed. We also appreciate the role of the Governor of the Central Bank of Iraq in the process of starting to advance the development of electronic payment in Iraq and making the vision of the Central Bank of electronic payment at the level of global countries.

 Mr. Rami Ishaq Al-Ajarmeh, Founder, Head of Information Technology and Executive Vice President of Ishtar Gate Company, said: “This unique product was the summary of the work of a creative and distinguished team of Iraqi youth, where creativity, innovation and modern technology were used, and currently the focus is on blockchain technology. Our goal is to lay the foundation stone for digital banks in Iraq and to supply banks that want to be distinguished with electronic and digital banking products and services.”

Mr. Mohanish Agni, General Manager of Visa for the Levant and Pakistan added: "Our partnership with Ishtar Gateway Company will provide digital solutions and capabilities in the field of payments, while promoting financial technology innovations and digital solutions to suit the needs of the local market to provide services in line with global trends. We trust the role of This partnership is in providing the latest services that meet the needs of customers, while providing competitive advantages that encourage electronic payment systems. For financial technology companies, the Visa network is a key factor to distinguish their services because it helps to qualify the presence of their services on the scene and provide space for creativity, which helps provide new flows of experiences digital"

For his part, Mr. Mario Makari, General Manager of Visa in Lebanon and Iraq, expressed his pride in the fruitful cooperation with Ishtar Gate Company, pointing to Visa's constant keenness to provide its customers with the latest in credit card technology and payment technologies in general. He added, “These new cards enhance the company’s leadership in the world of payments and consolidate its presence as a reliable partner for financial institutions in the region, enabling them to serve their customers and provide them with benefits and services tailored to meet their needs.”

It is noteworthy that Ishtar Gateway Company for Financial Systems and Services and its trademark (Blue) is an Iraqi company registered in Iraq, holding a license to conduct electronic payment business from the Central Bank of Iraq No. (14) based on the Central Bank of Iraq Law No. (56) of 2004. The company is licensed To implement and facilitate electronic payment business in all parts of Iraq, and its scope of work includes: issuing prepaid cards through international payment companies, owning and publishing payment points and the ATM network, as well as providing various services to banks and facilitating the process of paying and collecting bills.

The company operates from its headquarters located in Baghdad / Al-Jadriya. The company is managed by a professional cadre specialized technically, commercially and financially in the field of electronic payment and technology systems working around the clock to put the best international practices and securely in the field of payment in the hands of the Iraqi citizen and at his disposal to develop the sector like the countries of the region and the world.  Link